And since only 1 in 5 are successful at paying off this loan within a year of graduation, it's important to know the Who, What, When, Where and How of your Canadian student loan.

To help you out, we've included some 'Golden Rules' to break down your loan payments without causing, well, a breakdown…

WHO - am I paying?
Don't let the single application fool you - if you got a government student loan, you are likely paying back two different parties: the Canadian federal government and your provincial government.

This means two different interest rates and, depending on where you live, two different methods of payment.

WHEN - do I get charged interest and need to make payments?
The NSLSC gives grads a '6-month grace period' before interest gets charged on the federal portion of a student loan and before scheduled payments need to be made.

Contrary to popular belief, interest on your provincial loan will start being charged immediately after your study end date (to be clear, this is the end of your last semester and not graduation day).

Golden Rule: While it may be called a 'grace' period, this is really your time to attack. You can start making lump sum payments the day your study date ends. All payments made in the first 6 months will go directly to your principal and will help keep interest and future monthly payments down.

After the (amazing) grace ...
You'll have to start making monthly payments after the grace period based on your interest rate, loan value and intended payback period. The national student loans site offers a great calculator to determine your loan repayment schedule.

The standard payback period issued is 9.5 years, but you are eligible for a maximum of 14.5 years if you are having trouble making payments.

Golden Rule: If you can afford to, choose a shorter payback period to reduce those pesky interest fees.

WHERE - do I pay?
Lump sum payments can be set up easily through online banking. To make a payment, simply create a new payee entitled 'National Student Loans Service' and use your NSLSC account number (you can find it on top of the 'Study End Date' letter or by logging into your online account).

Golden Rule: Prepare this information before your study end date to ensure there are no delays.

Another letter arrives …
When the grace period draws to an end, you will receive another letter outlining your payment plan.

Payments at this phase can be made by automatic withdrawal or cheque and/or you can continue to make lump sum payments online.

Golden Rule: Don't like the proposed payback plan? You can respond to the letter with your requested changes. However, be aware that if you don't voice any suggestions or concerns, payments will be taken automatically as the letter outlines.

HOW - do I get help if I can't make payments?
The NSLSC has many options if you have trouble making payments.

Based on your financial situation, they may offer you a revision of terms (changing your payback period) and/or interest relief (where the government will keep paying your interest).

If you are still unable to pay after 5 years, they may give you a 'loan reduction' of up to $26,000. People with physical disability or extreme cases of repayment problems may be eligible for loan forgiveness.

Golden Rule: While these options may seem tempting, they could have serious effects on your credit, so only resort to them if absolutely necessary.

And rest assured, there is a wee bit of relief - tax relief, that is (which will come in handy as your income expands).

The final Golden Rule: You will get a tax credit for the interest portion of your government student loan (something you don't get credit for with a bank loan).

The 'end date notice' for your loan
In the end, a student loan is about investing in your future. But as worthy as taking on this debt is, it's all too easy to rationalize not paying it down quick enough. If you consider this to be 'good debt' that you can take your sweet time paying off, smarten up. What you need is an 'end date notice' for your student loan. So, go on - write it up yourself! Bigger and better investment opportunities await…

Nothing contained herein is intended to provide personalized financial, legal or tax advice. Before implementing any financial or legal strategy, you should obtain information and advice from your financial, legal and/or tax advisers who are fully aware of your individual circumstances, as well as fully aware of current laws and regulations.

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